Canadian Stocks End Six-Day Winning Streak Amid Growth Concern

Jan. 16 (Bloomberg) -- Canadian stocks fell for the first
time in seven days, led by health-care companies and commodity
producers, after the World Bank cut its global growth forecast.

CML Healthcare Inc. slid 4.3 percent as the company said it
will sell its diagnostic imaging business. Labrador Iron Ore
Royalty Corp. and Taseko Mines Ltd. declined at least 3 percent.
Research In Motion Ltd. rose 2 percent after the BlackBerry 10
maker said more than 1,600 businesses have registered for a
training program for the new handsets and software.

“Whenever people say global growth is a bit weaker, the
knee jerk reaction is to take a little bit out of those
spaces,” Michael O’Brien, who oversees $3 billion as a fund
manager at TD Asset Management in Toronto, said in a phone
interview. “Markets are just deciding to take a breather.”

The World Bank cut its global growth forecast for this year
as austerity measures, high unemployment and low business
confidence weigh on economies in developed nations. The
Washington-based bank yesterday projected the world economy will
expand 2.4 percent, down from a June forecast of 3 percent,
after growing 2.3 percent in 2012.

CML Healthcare lost 4.3 percent to C$6.92, as the company
said it held preliminary talks with prospective buyers for its
diagnostic imaging business.

Mining Stocks

Mining companies declined as copper retreated to a two-week
low. Labrador Iron Ore declined 3.2 percent to C$33.28. Taseko
Mines, which produces copper and molybdenum, lost 4.4 percent to
C$3.25 for the biggest drop in the S&P/TSX.

Copper for delivery in March lost 0.6 percent to $3.6233 a
pound.

Rio Alto Mining Ltd., the developer of the La Arena copper
and gold mine in Peru, surged the most since June 1 after
regulators in the country approved it as an investment for
domestic pension funds. Rio Alto Mining Ltd. climbed 5.5 percent
to C$5.52.

RIM advanced 2 percent to C$14.55. Of the registered
customers, more than 1,000 have already begun using the
BlackBerry 10 Ready program since its introduction in early
December, Nick Manning, a RIM spokesman, said in an e-mail.